XRP Price Crashes 7%: Can It Avoid a Drop to $2?
XRP Price Overview: What's Happening to XRP Coin?
$ XRP has experienced a sharp decline, losing 7% since last week. This pullback comes after a strong rally that pushed prices from $2.80 to $3.40, riding the wave of altcoin momentum alongside Ethereum’s surge.
However, the optimism has quickly faded. As of today, XRP has slipped below the psychological $3 mark, raising concerns about a deeper correction that could erase the gains from early August.
XRP/USD 2-hours chart - TradingView
XRP Price Analysis: Support Under Pressure
The attached chart shows XRP trading just under $3, after breaking down from a descending triangle pattern. Key observations:
- Downtrend Resistance: The orange trendline highlights consistent lower highs, confirming bearish pressure.
- Moving Averages: Both the 50-day SMA ($3.08) and 200-day SMA ($3.10) are above the current price, signaling a bearish shift.
- Support Levels: Immediate support sits near $2.80 (green line), which previously acted as the rally base. If broken, the next psychological target becomes $2.50.
- RSI (Relative Strength Index): At 32.56, XRP is hovering near oversold territory, suggesting a possible short-term bounce but overall weakness.
This breakdown indicates that momentum is fading, and unless bulls reclaim $3 quickly, bears could drive further downside.
Macro Risk: Bitcoin & Ethereum’s Role
The broader crypto market remains at risk as $Bitcoin hovers around key levels. If Bitcoin were to drop to $110K, historical patterns suggest altcoins like XRP would suffer amplified losses.
Additionally, $Ethereum’s rally has been a key driver for altcoin strength. If $ETH momentum fades , capital outflows could accelerate XRP’s decline. In such a scenario, XRP risks breaking below $2.80 and potentially testing the $2.00 zone, marking a near 30% drop from current levels.
XRP Price Prediction: Will XRP Price Recover?
- Bullish Case: A quick recovery above $3.10 and strong Bitcoin stability could trigger a rebound toward $3.40.
- Bearish Case: Failure to hold above $2.80 combined with Bitcoin weakness may drag XRP towards $2.50 and possibly $2.00.
In the short term, XRP traders should monitor the $3.00-$2.80 range closely. A decisive breakdown would likely confirm the bearish trajectory.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Federal Reserve Beige Book Warns of "Fierce" Oil Prices: Half of Districts Face Strong or Intensifying Price Pressures, Businesses Confront Price Increases and Profit Squeeze
The Beige Book shows that all 12 Federal Reserve districts reported the impact of rising oil prices. Businesses generally indicated that high diesel prices and fuel surcharges are passing additional costs down the entire supply chain. Since the previous Beige Book report just over a month ago, the U.S. economy has experienced moderate growth, with manufacturing serving as the main support. The labor market continues to see low hiring and low layoffs, and firms in nearly half the districts reported that AI investment is impacting employment.
Crypto market wipes out over $42 billion amid sticky U.S. inflation
Shiba Inu Forms First 4-Hour Death Cross Setup in October: Potential Scenarios
Crypto prices
More
